The United States government, along with some private sector players, are calling for a more detailed Bitcoin (BTC) regulation to help prevent the use of cryptocurrency as ransomware payments.
According to an inside source to Reuters, a panel of experts comprising of the FBI, the US Secret Service, and some tech and security companies, are recommending that measures be taken to make digital assets less anonymous.
Some suggestions include widening the know-your-customer (KYC) requirement to cryptocurrency exchanges, extensive tracing of Bitcoin transactions, and strict licensing requirements organizations in the cryptocurrency industry.
Another suggestion was the creation of a Justice Department, responsible for seizing all illegally acquired cryptocurrencies. However, this particular suggestion has to get approval from Congress. That said, the report detailing the recommendation is scheduled to get released today.
If the proposed recommendations are approved and put in place, it would greatly reduce the use of Bitcoin and other digital assets in ransomware.
The security panel has listed companies, government agencies, hospitals, and school systems as the most vulnerable to ransomware attacks. The US has named North Korea and Russia as benefactors of these illicit acts.
Ransomware is prescribed, by experts, to have become an epidemic, with proceeds exceeding $350 million in 2020 alone. Additionally, the FBI’s Internet Crimes Complaint Center recorded about 2,474 ransomware complaints last year.
Key BTC Levels to Watch — April 29
Bitcoin’s recent bullish momentum appears to have gotten dissipated, as the benchmark cryptocurrency consolidates between $55,000 and $53,400. That said, given the extent to which it has stalled, we expect Bitcoin to see a drop below the $53k mark.
The $52,500 support is the target for this correction, where we expect some dip-buyers to take charge and send the price higher.
Meanwhile, our resistance levels are at $54,000, $55,000, and $56,000, and our key support levels are at $53,400, $52,500, and $51,400.
Total Market Capitalization: $2.05 trillion
Bitcoin Market Capitalization: $993 billion
Bitcoin Dominance: 48.3%
Market Rank: #1
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